phillips 66 (PSX) Details

Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks to its refineries and other locations; and delivers refined and specialty products, as well as provides storage services for crude oil and petroleum products. This segment also gathers, processes, transports, and markets natural gas; and transports, fractionates, and markets natural gas liquids in the United States. The Chemicals segment manufactures and markets ethylene and other olefin products; aromatics products, such as benzene, styrene, paraxylene, and cyclohexane, as well as polystyrene and styrene-butadiene copolymers; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, drilling chemicals, and mining chemicals. The Refining segment buys, sells, and refines crude oil and other feedstocks into petroleum products comprising gasolines, distillates, and aviation fuels at 14 refineries primarily in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products consisting of gasolines, distillates, and aviation fuels in the United States and Europe. It also manufactures and sells specialty products, such as petroleum coke, waxes, solvents, and polypropylene. In addition, this segment is involved in the generation of electricity. Phillips 66 was founded in 1875 and is headquartered in Houston, Texas.

The board of directors of Phillips 66 has declared a quarterly dividend of 50 cents per share on Phillips 66 common stock. The dividend is payable on March 2, 2015, to shareholders of record as of the close of business on Feb. 17, 2015.

A propane and butane recovery project at the Phillips 66 petroleum refinery in Rodeo won approval from the Contra Costa Board of Supervisors after more than a year of wrangling over the project's scope, its impacts on health and the environment, and safety concerns. But opponents, including the environmental advocacy group Communities for a Better Environment, vowed to continue the fight. The group contends that the Rodeo project should be considered as one with a crude-by-rail project at another Phillips 66 refinery in San Luis Obispo County, currently under that county's review. That project calls for crude oil to be transported by rail, possibly along the shores of San Pablo and San Francisco bays, to the Phillips 66 Santa Maria refinery, where crude oil is partially refined and sent on to the Rodeo refinery via a 200-mile pipeline. The Rodeo project calls for installation of new equipment to recover and sell propane and butane instead of burning it as fuel at the refinery or flaring off excesses. Phillips 66 maintains that the project would reduce emissions of several pollutants, including sulfur dioxide, partly by using cleaner-burning natural gas as refinery fuel and because sulfur would be extracted in preparation of butane and propane for sale. The new equipment would include a hydrotreater, six storage vessels and two new rail spurs related to shipping the recovered propane and butane out of the refinery in tank cars. The county Planning Commission granted the refinery a land use permit in November 2013; Commissioner Rand Swenson, a former Phillips 66 Rodeo refinery manager, was absent. CBE and the law firm of Shute, Mihaly & Weinberger, representing the Rodeo Citizens Association, appealed the Planning Commission decision and contested the initial Environmental Impact Report, saying it understated potential consequences of the project and warning that Phillips planned to process more and dirtier crude oil. Phillips 66, in a Jan. 14 letter to the board, characterized the opponents' assertions as 'speculative, erroneous and false' adding that the size of the project is based on the existing volume of refinery fuel gas derived from the existing crude oil it processes.

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.